Who is an entrepreneur? It is a person who wants to setup a business, with a vision in mind, hoping to profit from it. At some point, all of us have wanted to follow this path. We’d be lying if we say that we haven’t asked ourselves the one question and that is- ‘how to become an entrepreneur?’. Well, as easy and as hopeful as it sounds; there is a lot that goes into it. It all starts with an idea and then branches into different directions with proper planning. In this article, we’d like to offer you some tips to become an entrepreneur and how you can start your journey as one, successfully.
As an entrepreneur, you need to have some distinct characteristics that tells you apart. Since it is a tangent that you choose by yourself or along with a few others, you need to be extremely sure if you can take on some risks. Entrepreneurial training courses are also available for those of you who want to know more about how to become an entrepreneur. Without further ado, let’s look at these characteristics and see how best we can work around them.
7 characteristics an entrepreneur should possess
- Self-motivation: It is very important to stay motivated throughout the journey, not just at the start
- Market research: Understand how the market works and how, what you offer will make a difference or an impact on it.
- Risk-taking: If you want to become an entrepreneur, then you have to understand the risks involved and accept it as part of the plan.
- Communicate: It is important not only to pitch your ideas but even when you’re putting the ideas together as a team
- Financial planning: Money, investors, profits are 3 important concepts that will drive you to work hard. Get a general sense of how you plan to finance your business, learn to manage it well and think about ways to profit
- Be open to ideas: Last minute changes, innovative methods to launch a product, etc. only shows that you can handle change and are open to experiment
- Follow your passion: This is the only thing that will keep you going and help you achieve greater heights in your entrepreneurial career
Well, it is only that simple. It may sound like a big list now but half of these inner strengths you probably already have but aren’t aware of yet. Even if you have one of the above, the rest can be worked on. To understand this better, let’s see the steps involved in how you can become an entrepreneur successfully.
How to become an entrepreneur in 7 steps
To become an entrepreneur, you first need to think of an idea that you think will work with your target audience. The idea doesn’t need to be out of the ordinary. But, it can be something that stems from an ordinary concept and moves on to something bigger eventually.
Firstly, you need to pick a niche for your startup/business. It could be on the lines of food, travel, health, lifestyle, apparels etc. and on the basis of this, you can start ideating. Brainstorm all the ideas you have, with your counterparts. You can inspire each other, narrow in on ideas and finally come to a conclusion.
Figure out a good business plan to run your entrepreneurial dream successfully. From figuring out a platform for your startup to understand your target audience, from finances to understanding the market value etc.- you need a plan! A plan helps you stick to the flow of ideas in the initial stages. As and when your business grows, your plan can also alter itself.
It is necessary that you understand the importance of timing when you’re starting on your own. Launching a product when there are too many other competitive startups doing the same, will dim down the value of your business. You want to be exclusive, so pick the right time for the launch; whether the website or your product launch.
Understand who your target audience is and what they’re looking for. It is important to familiarise yourself with the requirements of your audience, when deciding on the launch. This will impact the sales, visibility, reach and so on.
Promote your idea
Whether you’re starting as an online platform or an offline one, you need to promote your product in the right way and on the correct platforms. Social media platforms like Facebook, Instagram, Twitter, Pinterest are great places to launch or promote your products. Sharing on social media is good for your brand and to improve your digital presence alike.
You need to find the right business partners or investors if you want to run your business on networks other than your own. Networking with the right people that support your idea and understand your business, is important.
The whole idea of becoming an entrepreneur or wanting to execute an idea is to make profits. Figure out what will get you conversions and who your buyers are. See the kind of products that are doing well for your brand, get customers to review the products that they purchase, understand the shopping habits etc.
Online reselling- a zero investment idea for entrepreneurs
You can also become an entrepreneur and run a successful business online through reselling products. Yes, this is a zero investment option as well as a risk-free model. Especially if you join the right online reselling platform. For this, you have Shop101 that helps you create an online store in under 2 minutes and start reselling. All you need to do is pick the products you want to sell, share it with your friends and family and earn from the same.
The Shop101 app gives budding entrepreneurs a chance to start their own business without having to worry about inventory, investors, additional costs if any, paying rent for a space etc. Isn’t that a great way to get into an entrepreneurial journey? Also, in order to smoothly run the business, you need to know how to manage your finances well. To give you a glimpse of how it can be doe, check out the video below:
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